Norwood Investment Properties
Are you looking for an investment opportunity within the greater Boston area? The area has been experiencing a growth recently that not only makes investments in the city very profitable, but also investments in the suburbs and towns in the surrounding area. Norwood, which is a town that is located about 23 miles from downtown Boston, is a great example of a growing town. There are major highways nearby, which make the community ease to reach, and the real estate value in the area is expected to rise approximately eight percent this year, which makes it an area that you should definitely consider investing in.
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Residential and Commercial Investment Properties
When you are investing, nothing is going to be more important than the initial decision that you make, which should be the type of property that you want to invest in. Not everyone is able to maintain and manage a large investment property, so if your time is limited, you may want something that is easier to manage. Both commercial and residential investments can be great options, but it is important to make sure that you find an investment that will work for you and your money. Let's break down the options a bit.
- Residential – When you consider a residential investment, you are going to be finding either a single-family home or a multi-family home where you can make a good bit of rental income to cover things like the mortgage, insurance, and maintenance. A single-family home is going to be easier to manage, especially for a first-time investor because you will only have one unit to manage and maintain. Once you are comfortable dealing with one unit, a multi-family home is a great option because you can consider anything from a duplex that has two units or a high-rise apartment with over 20 units that you will need to manage. Many investors with more than a few units will consider hiring a management company to take care of the units.
- Commercial – Commercial properties typically take a bit more to manage than a residential property, but if you are an experienced investor, it can open up a lot of profitable opportunities. Properties that fall into this category include: retail space, office space, storage space, and warehouses.
Real Estate Market Overview and Neighborhoods
When you are looking for a good investment that is going to be profitable, it is important to consider not just the property, but the location as well. For example, investing in a gas station in an area without many roads may be less profitable than one that is surrounded by highways and major intersections. In this community, there are six neighborhoods to consider, which are:
- Town Center – This area is great for residential investments that include small apartment buildings or single-family homes. Real estate prices in the area average about $430,000, which makes it an area that is more accommodating for investors with a lower budget.
- Village Road West/Engamore Lane – This is a great area to invest because there are a lot of apartment complexes, which means that both residential and commercial opportunities are available here. If you do invest in residential property here, the rent in the community is a bit higher than the surrounding neighborhoods in town, which means that multi-unit homes make good investment opportunities.
- Walpole Street/Washington Street – This is an older section of town where many of the single-family homes have been converted into small apartment buildings. On average, the real estate in this neighborhood is about $467,000.
- Winslows – Located on the southern end of town, the Winslows is a location with a reasonable retail value median of $473,000, but the rental rates are high, which makes investing in high-rise apartments a great opportunity.
- Providence Highway – This is the main transportation hub in the town because the train station, the airport, and major highways can be found here, which makes it a great area for a commercial investment.
- Normandy Drive – As one of the more expensive neighborhoods in the area, finding property to invest in here can be difficult, especially if you consider the demand and the low vacancy rate.
Choosing the Right Investment Property
When you are ready to invest, a real estate agent at Boston City Properties will be available to help you make an investment that is both profitable and beneficial for your portfolio. We know the Norwood area well, and we have been helping investors find property in the area for years, so call us today at 617-247-1933 so that we can help you find your next investment opportunity quickly.
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